This Morning in Metals: China to Impose Anti-Dumping Duty on Stainless Steel

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This morning in metals news, China is poised to to impose anti-dumping duties on a number of countries, Nucor says it is happy with the results of the Trump administration’s tariffs and Brazilian miner Vale’s second-quarter output plunged.

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China to Hit Imports of Stainless Steel with Anti-Dumping Duty

China is set to impose an anti-dumping duty on imports of stainless steel from the E.U., Japan, South Korea and Indonesia, Reuters reported.

According to the report, the duties — covering billets and hot-rolled steel plates — will go into effect July 23.

Nucor ‘Pleased’ with Tariffs

Nucor CEO John Ferriola told CNBC the Trump administration’s tariffs on imported steel have worked.

“The anticipated response was domestic capacity coming on line to replace the lower imported steel,” Ferriola said during a CNBC interview last week. “That’s exactly what happened.”

Vale Output Down in Q2

Brazilian miner Vale reported its second-quarter iron ore output fell 33.8% year over year. Production was down 12.1% compared with Q1 2019, according to the miner.

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A January tailings dam collapse at Vale’s Corrego do Feijao mine in Brumadinho sent shock waves through the iron ore market and led to more than 200 deaths.

In addition, heavy rains in March, April and May also impacted operations.

Comment (1)

  1. mrssteel says:

    Producers in China and six other countries sold cold-rolled steel at unfairly low prices in the U.S. market and will be taxed as much as 266% on the price, the Commerce Department said in a preliminary decision on March 1.

    The government imposed tariffs of 266% on imports from China, with goods from Brazil, India, South Korea, Russia, Japan and the U.K. also subject to duties. Shipments from Brazil will face 39% penalties, and South Korean producers will face taxes of as much as 6.9%.

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